PTTCG to develop petrochemical complex in Indonesia

PTT Global Chemical will partner with Indonesian oil and gas company PT Pertamina to develop a petrochemical complex in the country.

Pertamina announced the decision on Monday. After talks since November, the Indonesian firm picked the Thai company, which was among 10 other companies competing for the partnership. To Pertamina, the Thai company as having one of the most sophisticated and integrated refineries with high energy efficiency in the Asia-Pacific region.

"Both companies are expected not only to build petrochemical plants but also to cooperate in marketing and research and development," Pertamina President Karen Agustiawan said in a press release.

It added the agreement is expected to be signed by both companies in early April, before a joint venture will be set up by the end of the year.

Pertamina also said that it will build a 1-million ton per annum naphtha cracker plant as it takes steps to develop its petrochemical business. The plant is expected to come onstream by 2017.